Online banking scams targeting Australians are becoming more and more prevalent and all online banking users need to remain vigilant. At Australian Mutual Bank, protecting member accounts is our number one priority.
Australian Mutual Bank introduced SMS One Time Password (OTPs) as an additional security measure to protect members’ online banking transactions and accounts from potential fraudulent activities. The purpose of using SMS OTPs is to create a two-factor authentication (2FA) process, which adds an extra layer of security to the standard Internet Banking / mobile banking app login.
The One Time Password system works by sending an SMS code to your mobile phone. You will be prompted to request a SMS One Time Password for the following functions:
- Adding a new payee
- Paying a new payee
- Modifying an existing payee or payment
- Updating your contact details
- Updating or resetting password details
It is crucial that one time passwords never be disclosed to anyone at any time.
Please ensure you have provided us with your most up to date mobile number. Failure to do so may limit you from performing any transactions online or via the mobile banking app.
For more information or if you have any concerns, please don’t hesitate to phone our Contact Centre on 13 61 91.